Tales FROM THE Zoo

4 then; it appreciated institutional ownership with substantial holders in foreign pension funds and insurance money (AIA); it was an area of the FTSE Singapore Index. It was a semi-blue chip. In retrospect, the hastiness to create a platform for recurrent earnings, combined with bad timing, led to the downfall. Year 25M the following.

That was about 50 % its equity. 20M worth of bad receivables in its badly declining Russian operations. Then in 2000, the business announced that it would convert itself into an internet company, planning to spin off or close down existing non-internet operations. Over 2001 till now, the mixed group has been loss-making. It would appear that from an incident of extraordinary losses in 1998 (because of the Russian rouble debacle), corporate provisions and write offs relating to its various diversified investments had become recurring items on the P&L statement. In Russia, it discontinued its restaurant operations, as well as consumer car and plastics garage area functions.

In Australia and Singapore it turns off switchboard factories and electronic distribution companies. It also eventually had to scale down its tooling and plastic molding operations, shutting down vegetation in Mexico and Malaysia after years of continual deficits without turnaround in sight. And the previous few years were bull years! 500-600M in the mid-1990s. 50M. That is clearly a drop by more than 10 times, proceeds from rights issue notwithstanding. Now for the last lesson. Acma was one of Oei Hong Leong’s investments; OHL is known as the person with the Midas touch and there are extensive who aped his purchases.

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But the mass media tends to publicize his successes (Natsteel, Jurong Engineering), but his investment deficits are obviously less newsworthy, thus resulting in the public perception of his infallibility. China Strategic, OHL’s investment vehicle, bought into Acma in mid-2000 and continued to accumulate through the entire year as the group announced their Internet ventures. A couple of years China Strategic had sold-out at huge deficits By the next. Probably it cost him several million dollars.

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